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2026-09-03 10:58:04 CMBI issued a report saying that Z.AI (02513.HK)'s annual recurring revenue growth trajectory remains solid with a strong outlook, while newly disclosed user scale and engagement metrics reinforced its positive view on the company. The broker believes the company has achieved an effective balance among model iteration pace, intelligence level and per-task cost, positioning it to maintain its Pareto frontier standing in the large language model industry and providing ample room for long-term monetization. The broker noted that six GLM iterations within eleven months lifted the intelligence index from 32 to 60. Registered users on the MaaS platform surged 144% to 7.4 million, while paid daily active users jumped 603%. Token call volume rose more than 40x YoY to date, while average API selling prices increased about 101%. As of August 2026, annual recurring revenue from the open platform and APIs reached USD1.6 billion, up from USD1 billion in early July, with management guiding for USD2.4 billion by year-end. Deployment of a domestic 100,000-card chip cluster and reconstruction of the inference stack reduced per-token cost by about 80% YoY to date, while computing power multiplier increased 14x YoY. Gross margin of the open platform reached 24.6% in 1H26. Driven by stronger annual recurring revenue growth, the broker raised its forecast for revenue CAGR from 2025 to 2028 from 199% to 275%, and projected total revenue to reach RMB38.1 billion in 2028. Forecasts for adjusted net losses in 2026 and 2027 were narrowed by 16% and 80%, respectively. The broker maintained its Buy rating and lifted the TP from HKD1,503.9 to HKD1,985. (ha/da)~ AASTOCKS Financial News Website: www.aastocks.com This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. | |